Buy Or Sell Opportunity • Jun 15
Now 27% overvalued Over the last 90 days, the stock has fallen 4.0% to UK£0.12. The fair value is estimated to be UK£0.095, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jun 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (UK£7.18m market cap, or US$9.64m). Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Significant insider selling over the past 3 months (UK£63k sold). Reported Earnings • Jun 04
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: UK£0.019 loss per share (down from UK£0.017 profit in FY 2024). Revenue: UK£12.4m (up 9.4% from FY 2024). Net loss: UK£1.11m (down 212% from profit in FY 2024). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 75%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 20% decline forecast for the Diversified Financial industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jun 04
Finseta Plc, Annual General Meeting, Jun 30, 2026 Finseta Plc, Annual General Meeting, Jun 30, 2026. Location: the office of gracechurch group, 48 gracechurch street, ec3v oej, london United Kingdom Announcement • Apr 17
Finseta Plc has completed a Follow-on Equity Offering in the amount of £0.067922 million. Finseta Plc has completed a Follow-on Equity Offering in the amount of £0.067922 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 799,087
Price\Range: £0.085 New Risk • Apr 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£6.34m market cap, or US$8.57m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Shareholders have been diluted in the past year (23% increase in shares outstanding). New Risk • Apr 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£5.78m market cap, or US$7.82m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (9.2% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Shareholders have been diluted in the past year (18% increase in shares outstanding). Announcement • Apr 16
Finseta Plc has completed a Follow-on Equity Offering in the amount of £0.860549 million. Finseta Plc has completed a Follow-on Equity Offering in the amount of £0.860549 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,400,280
Price\Range: £0.085
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,129,701
Price\Range: £0.085
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 594,117
Price\Range: £0.085
Transaction Features: Regulation S; Subsequent Direct Listing Announcement • Apr 14
Finseta Plc has filed a Follow-on Equity Offering in the amount of £0.1 million. Finseta Plc has filed a Follow-on Equity Offering in the amount of £0.1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,176,470
Price\Range: £0.085 New Risk • Apr 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£6.11m market cap, or US$8.05m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). New Risk • Mar 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£6.25m market cap, or US$8.30m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Profit margins are more than 30% lower than last year (2.7% net profit margin). Buy Or Sell Opportunity • Mar 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to UK£0.10. The fair value is estimated to be UK£0.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 52% in 2 years. Earnings are forecast to grow by 182% in the next 2 years. New Risk • Mar 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.45m (US$9.97m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£7.45m market cap, or US$9.97m). Minor Risk Profit margins are more than 30% lower than last year (2.7% net profit margin). Major Estimate Revision • Jan 16
Consensus EPS estimates fall by 38% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -UK£0.008 to -UK£0.011 per share. Revenue forecast unchanged at UK£12.4m. Diversified Financial industry in the United Kingdom expected to see average net income growth of 13% next year. Consensus price target of UK£0.45 unchanged from last update. Share price was steady at UK£0.14 over the past week. Announcement • Jan 15
Finseta plc Provides Earnings Guidance for Year Ended December 31, 2025 Finseta Plc provided earnings guidance for year ended December 31, 2025. The Group expects to report Fiscal Year 2025 revenue of £12.4 million (FY 2024: £11.4 million), an increase of 9%. Buy Or Sell Opportunity • Nov 17
Now 20% overvalued Over the last 90 days, the stock has fallen 33% to UK£0.16. The fair value is estimated to be UK£0.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 52% in 2 years. Earnings are forecast to grow by 182% in the next 2 years. Major Estimate Revision • Nov 15
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from UK£12.8m to UK£12.6m. Losses expected to increase from UK£0.007 per share to UK£0.008. Diversified Financial industry in the United Kingdom expected to see average net income growth of 12% next year. Consensus price target of UK£0.45 unchanged from last update. Share price was steady at UK£0.15 over the past week. New Risk • Sep 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (UK£9.51m market cap, or US$12.7m). Buy Or Sell Opportunity • Sep 15
Now 29% overvalued Over the last 90 days, the stock has fallen 49% to UK£0.16. The fair value is estimated to be UK£0.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 51% in 2 years. Earnings are forecast to grow by 182% in the next 2 years. Reported Earnings • Sep 11
First half 2025 earnings released: UK£0.004 loss per share (vs UK£0.008 profit in 1H 2024) First half 2025 results: UK£0.004 loss per share (down from UK£0.008 profit in 1H 2024). Revenue: UK£5.86m (up 16% from 1H 2024). Net loss: UK£211.0k (down 147% from profit in 1H 2024). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 21% decline forecast for the Diversified Financial industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Sep 01
Finseta Plc to Report First Half, 2025 Results on Sep 10, 2025 Finseta Plc announced that they will report first half, 2025 results on Sep 10, 2025 New Risk • Jul 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Profit margins are more than 30% lower than last year (8.8% net profit margin). Market cap is less than US$100m (UK£14.5m market cap, or US$19.7m). Announcement • Jul 09
Finseta plc Provides Unaudited Earnings Guidance for the Six Months Ended June 30, 2025 Finseta Plc Provides unaudited earnings guidance for the six months ended June 30, 2025. For the period, the group expects to report an increase in revenue of approximately 16% to £5.9 million (H1 2024: £5.1 million), driven by an increase in active customers to 1,101 (H1 2024: 952). The Group expects to report a gross margin for H1 2025 of approximately 62% (H1 2024: 65.7%), which is due to revenue mix, reflecting the investment in the Group's new strategic initiatives, which have substantially broadened the Group's capabilities and are expected to significantly accelerate sales growth and increase profitability in the medium term. Reported Earnings • Apr 23
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: UK£0.017 (down from UK£0.038 in FY 2023). Revenue: UK£11.4m (up 18% from FY 2023). Net income: UK£996.5k (down 53% from FY 2023). Profit margin: 8.8% (down from 22% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Diversified Financial industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Apr 23
Finseta Plc, Annual General Meeting, Jun 12, 2025 Finseta Plc, Annual General Meeting, Jun 12, 2025. Location: the office of gracechurch group, 48 gracechurch street, ec3v oej, london United Kingdom Announcement • Apr 16
Finseta Plc to Report Fiscal Year 2024 Final Results on Apr 23, 2025 Finseta Plc announced that they will report fiscal year 2024 final results at 8:00 AM, Coordinated Universal Time on Apr 23, 2025 New Risk • Mar 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (27% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (UK£17.8m market cap, or US$23.0m). Announcement • Mar 12
Finseta plc Receives Category 3D Licence from the Dubai Financial Services Authority Finseta plc announced that it has been granted a Category 3D licence from the Dubai Financial Services Authority, which authorises the Group to provide payment services within the United Arab Emirates. The receipt of DFSA Licence, which has been granted to a wholly-owned Dubai-registered subsidiary of the Company, is a key milestone in the Group's delivery on its stated strategy to expand its geographic footprint and regulatory capabilities. The UAE, and the Dubai International Financial Centre ("DIFC") in particular, represent a considerable market opportunity for the Group as one of the world's leading financial hubs. It contains a diverse ecosystem of international businesses, including a large presence of professional services firms that the Group can leverage through its introducer-led customer acquisition model. The Group has an existing presence in Dubai, where it has been building a partner network. The DFSA Licence will enable the Group to significantly expand its activities by now being able to service corporate and professional clients in the UAE as well as to benefit from local payment rails. The Group has established a new office in the DIFC and expects to make a series of key hires over the coming months in its sales and regulatory and compliance support functions to facilitate business development activities, including broadening partner relationships, and the onboarding of new clients in compliance with local regulations. The expanded UAE business is expected to make a positive contribution to Group profitability from 2026. The expansion of activities in the UAE together with the Group's intended investment in sales, compliance and overhead functions in 2025 to exploit the growth opportunity in the Canadian market following the receipt of a regulatory licence in 2024, and to support the scale-up of the Group's corporate card programme following its commercial launch, as announced on 3 March 2025, operating expenses are expected to be higher than previously forecast. These investments will increase Group operating expenses from the current year onwards but are expected to drive incremental sales growth in the current year, and significantly accelerate sales growth and increase profitability in the medium term. Announcement • Mar 03
Finseta plc Announces the Commercial Availability of the Finseta Corporate Card Finseta plc announced the commercial availability of the Finseta Corporate Card, a payment card scheme for corporate customers. The Finseta Corporate Card offering will provide the Group with an additional, repeatable revenue stream from business customers and will expand its addressable target market. The Group will receive a proportion of the value of each customer card transaction and initial revenues are expected from corporate cards from first quarter of 2025. Finseta anticipates that the corporate card scheme, which carries a higher gross margin than its existing service offering, will begin to contribute to operating profits from 2026. The Finseta corporate Card is co-branded and supported by Mastercard and is available to businesses as virtual or physical cards, has multi-currency capability and can be used in over 210 countries. The Group will market the new offering initially to its existing customer base with this additional service providing corporate customers with greater choice and flexibility in managing their ongoing business expenses. Finseta will also target new corporate customers where the primary potential service provision is a corporate card scheme. New Risk • Jan 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (27% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (UK£20.1m market cap, or US$24.5m). New Risk • Sep 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 9.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.2% average weekly change). High level of non-cash earnings (27% accrual ratio). Minor Risks Significant insider selling over the past 3 months (UK£131k sold). Market cap is less than US$100m (UK£22.4m market cap, or US$29.2m). Recent Insider Transactions • Jul 16
Board Member recently sold UK£131k worth of stock On the 12th of July, William Timothy Newton sold around 338k shares on-market at roughly UK£0.39 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of UK£86k more than they bought in the last 12 months. Announcement • Jul 09
Finseta Plc to Report First Half, 2024 Results on Sep 10, 2024 Finseta Plc announced that they will report first half, 2024 results on Sep 10, 2024 Announcement • Jun 06
An unknown buyer completed the acquisition of Capital Currencies Limited from Cornerstone FS plc (AIM:CSFS) for £0.15 million An unknown buyer entered into a share purchase agreement to acquire Capital Currencies Limited from Cornerstone FS plc (AIM:CSFS) for £0.15 million on September 20, 2023.
An unknown buyer completed the acquisition of Capital Currencies Limited from Cornerstone FS plc (AIM:CSFS) on June 5, 2024. Announcement • May 10
Cornerstone FS plc, Annual General Meeting, Jun 20, 2024 Cornerstone FS plc, Annual General Meeting, Jun 20, 2024. Location: the office of gracechurch group, 48 gracechurch street, ec3v 0ej, london United Kingdom Reported Earnings • May 08
Full year 2023 earnings released: EPS: UK£0.038 (vs UK£0.17 loss in FY 2022) Full year 2023 results: EPS: UK£0.038 (up from UK£0.17 loss in FY 2022). Revenue: UK£9.65m (up 100% from FY 2022). Net income: UK£2.13m (up UK£7.75m from FY 2022). Profit margin: 22% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.4% decline forecast for the Diversified Financial industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • May 08
New major risk - Revenue and earnings growth Earnings have declined by 45% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 45% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (UK£23.0m market cap, or US$28.7m). Announcement • Apr 17
Cornerstone FS plc to Report Fiscal Year 2023 Results on May 08, 2024 Cornerstone FS plc announced that they will report fiscal year 2023 results on May 08, 2024 New Risk • Mar 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (UK£17.2m market cap, or US$21.7m). Announcement • Feb 13
Cornerstone FS plc Receives Money Services Business Licence from the Financial Transactions and Reports Analysis Centre of Canada Cornerstone FS plc announced that it is now authorised to operate in Canada through the receipt of a Money Services Business (MSB) licence from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The gaining of the MSB licence, which has been granted to a wholly owned Canada-registered subsidiary of the Company, allows the Group to operate a payments company in Canada and provide payments services to Canadian businesses and individuals. The Group intends to develop a full-service office in Canada, which will allow it to provide customers with the high-touch service-led approach that is core to the Cornerstone offer. The gaining of the MSB licence and establishment of an office in Canada will represent a key milestone on the Group's stated strategy to expand its geographic footprint and regulatory capabilities. The Board believes that this will accelerate the Group's medium to long-term growth ambitions andplay a key part in its long-term domestic and global growth strategy. Breakeven Date Change • Jan 24
Forecast breakeven date pushed back to 2024 The 2 analysts covering Cornerstone FS previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of UK£653.0k in 2024. Average annual earnings growth of 86% is required to achieve expected profit on schedule. Breakeven Date Change • Dec 07
Forecast breakeven date moved forward to 2023 The 2 analysts covering Cornerstone FS previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of UK£90.8k in 2023. Earnings growth of 87% is required to achieve expected profit on schedule. Announcement • Sep 21
An unknown buyer entered into a share purchase agreement to acquire Capital Currencies Limited from Cornerstone FS plc (AIM:CSFS) for £0.15 million. An unknown buyer entered into a share purchase agreement to acquire Capital Currencies Limited from Cornerstone FS plc (AIM:CSFS) for £0.15 million on September 20, 2023. Reported Earnings • Sep 17
First half 2023 earnings released: EPS: UK£0.001 (vs UK£0.13 loss in 1H 2022) First half 2023 results: EPS: UK£0.001 (up from UK£0.13 loss in 1H 2022). Revenue: UK£3.60m (up 90% from 1H 2022). Net income: UK£34.9k (up UK£3.05m from 1H 2022). Profit margin: 1.0% (up from net loss in 1H 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Diversified Financial industry in the United Kingdom. New Risk • Aug 20
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -UK£1.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£1.3m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-UK£90k). Earnings have declined by 55% per year over the past 5 years. Market cap is less than US$10m (UK£5.74m market cap, or US$7.31m). Minor Risk Shareholders have been diluted in the past year (33% increase in shares outstanding). Reported Earnings • May 17
Full year 2022 earnings released: UK£0.17 loss per share (vs UK£0.21 loss in FY 2021) Full year 2022 results: UK£0.17 loss per share. Revenue: UK£4.82m (up 110% from FY 2021). Net loss: UK£5.61m (loss widened 37% from FY 2021). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Diversified Financial industry in the United Kingdom. Announcement • May 16
Cornerstone FS plc, Annual General Meeting, Jun 20, 2023 Cornerstone FS plc, Annual General Meeting, Jun 20, 2023, at 10:00 Coordinated Universal Time. Location: At the offices of Gracechurch Group, 48 Gracechurch Street London United Kingdom Announcement • Jan 11
Cornerstone FS plc Provides Earnings Guidance for the Full Year 2022 Cornerstone FS plc provided earnings guidance for the full year 2022. For the period, the company expected total revenue of £4.3 million. The Group reported that this strong momentum continued through to the year end. As a result, the Group now expects to report total revenue for 2022 of approximately £4.8 million, representing 109% growth over 2021 and being 12% ahead of market expectations. The strong trading at the end of the year was across the Group's business. Accordingly, the growth in revenue for the year continues to be driven by clients that the Group serves directly, which is expected to account for approximately 78% of total revenue (2021: 56%). Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Julian Wheatland is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director Simon Bullock was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Oct 12
Cornerstone FS plc Announces Board Appointments Cornerstone FS Plc announced that it has appointedSimon Bullock and John Burns as Independent Non-Executive Directors, with immediate effect and from 1 December 2022 respectively. The Company also announces that Daniel Mackinnon has tendered his resignation from the Board effective 1 November 2022. Simon Charles Bullock, aged 52, has over 30 years' experience in CFO and other finance roles in public and private companies operating in the UK and internationally. He began his career at blue-chip companies, Mars and General Electric, where he held various financial positions up to CFO level. Since then, he has worked in strategic and operational CFO roles primarily for technology and financial services businesses. This includes Caxton FX Limited, a provider of foreign exchange, international payments and prepaid cards, AIM-quoted Bonhill Group Plc, Merit Group Plc and Aurasian Minerals Plc. Mr. Bullock, who is a Chartered Management Accountant, will assume the role of Chairman of the Company's Audit Committee as well as joining the Remuneration Committee. John Duncan Burns, aged 63, has over 40 years' experience in the payments industry ranging from practical payments management to legal advisory to regulatory and legislative policy development. In particular, he has undertaken substantial work regarding the introduction of the European Union's Payment Services Directive in 2007, including being involved in negotiations as a member of the European Payments Council Experts Group and the Commission's Payment Systems Market Experts Group and supporting its implementation into UK law after having joined the Financial Services Authority (now FCA) in June 2008. Prior to joining the Financial Services Authority (FSA), he spent eight years at the Association for Payment Clearing Services and the Payments Council where he was Legal Adviser and Company Secretary to the UK clearing companies. Other experience includes various positions with Clydesdale Bank Plc and Lloyds Banking Group. Mr. Burns is currently Managing Director, Payment Services with Compliancy Services Limited. It is intended that Mr. Burns will assume the role of Chairman of the Remuneration Committee as well as joining the Audit Committee. Reported Earnings • Sep 27
First half 2022 earnings released: UK£0.13 loss per share (vs UK£0.065 loss in 1H 2021) First half 2022 results: UK£0.13 loss per share (further deteriorated from UK£0.065 loss in 1H 2021). Revenue: UK£1.90m (up 127% from 1H 2021). Net loss: UK£3.02m (loss widened 154% from 1H 2021). Announcement • Sep 03
Cornerstone FS plc (AIM:CSFS) agreed to acquire Pangea Fx Limited for GBP 0.2 million. Cornerstone FS plc (AIM:CSFS) agreed to acquire Pangea Fx Limited for GBP 0.2 million on September 2, 2022. Announcement • Sep 02
Cornerstone Fs plc Announces Resignation of Phil Barry as Non-Executive Director, Effective on November 30, 2022 Cornerstone FS plc announced that Phil Barry has resigned from his position as Non-Executive Director with effect from 30 November 2022, to pursue other business interests. Announcement • Aug 15
Cornerstone FS plc Appoints James Hickman as Chief Executive Officer, Effective 12 September 2022 Cornerstone FS plc announced the appointment of James Hickman as Chief Executive Officer. James is serving out his notice with his current employer and so his appointment will take effect on 12 September 2022. James has over 19 years' experience within the payments industry. Most recently, James was Chief Revenue Officer at Fire Financial Services Ltd. Previously, James spent nearly five years as Chief Commercial Officer at AIM-quoted Equals plc. Prior to that he was Managing Director at a privately held card & payments business, Caxton FX Ltd. In each role, James was responsible for growing sales, operations and managing key relationships. At Equals, his role also included investor relations, fundraising and strategic acquisitions. James Richard Hickman, aged 51, holds or has previously held the follow directorships: Current directorships and/or partnerships: Clappar Limited. Former directorships and/or partnerships (within the last five years): Gogo Remit Limited; Q Money Limited; Fresh B2B Ltd; Fairfx Plc; Equals Connect Limited; Fair Payments Limited. Announcement • Jul 13
Julian Wheatland to Step Down as Chief Executive Officer of Cornerstone FS plc Cornerstone FS plc announces that Chief Executive Officer, Julian Wheatland, has decided to step down from his role with Cornerstone with immediate effect. He has agreed to facilitate an orderly handover of his responsibilities to the wider management team and has agreed to make himself available to assist the Company as required. Announcement • Jul 11
Cornerstone FS plc Provides Revenue Guidance for the First Half of 2022 Cornerstone FS plc provided revenue guidance for the first half of 2022. The Group expects to report total unaudited revenue for first half 2022 of approximately £1.9 million, representing growth of 129% over the first half of 2021. Reported Earnings • Jul 01
Full year 2021 earnings released: UK£0.21 loss per share (vs UK£0.15 loss in FY 2020) Full year 2021 results: UK£0.21 loss per share (down from UK£0.15 loss in FY 2020). Revenue: UK£2.30m (up 38% from FY 2020). Net loss: UK£4.10m (loss widened 91% from FY 2020). Over the next year, revenue is forecast to grow 176%, compared to a 16% growth forecast for the industry in the United Kingdom. Announcement • Jul 01
Cornerstone FS plc, Annual General Meeting, Jul 25, 2022 Cornerstone FS plc, Annual General Meeting, Jul 25, 2022, at 10:00 Coordinated Universal Time. Location: 48 Gracechurch Street London United Kingdom Announcement • Jun 30
Cornerstone FS plc Announces Management Changes Cornerstone FS plc announced that Elliott Mannis, Non-Executive Chairman, has informed the Company that, for personal reasons, he intends to step down from the Board with effect from August 31, 2022. Additionally, Stephen Flynn, an Executive Director and Chief Technology Officer, is resigning from Cornerstone Payment Solutions Ltd. and is not seeking re-election as a Director of the Company. Gareth Edwards, Non-Executive Director, will assume the role of Chairman of the Board following Elliott's departure. As previously announced, the Company is currently seeking to appoint an Independent Non-Executive Director to the Board who will also serve as Chairman of the Audit Committee. Bill Newton, Executive Director, will assume the duties of Chief Technology Officer alongside his current role of Chief Information Officer. Announcement • May 03
Cornerstone FS plc Announces Step Down of Glyn Barker from the Board Cornerstone FS plc announced that Glyn Barker, non-executive director, has informed the company of his intention to step down from the board with effect from 3 May 2022. This stems from his desire to reduce the number of roles in his directorship portfolio. Board Change • Apr 27
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. 2 independent directors (7 non-independent directors). Non-Executive Director Gareth Edwards is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director Glyn Barker was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Feb 24
Cornerstone FS Plc Announces Board Appointments Cornerstone FS Plc announced that it has appointed Bill Newton, Chief Information Officer, and Stephen Flynn, Chief Technology Officer, to its Board of Directors with immediate effect. Both Bill and Stephen will remain in their current operational roles and have become Executive Directors of the Company, with no changes to their remuneration packages. Bill has extensive operational experience within financial trading companies having worked in the industry for over 20 years. He co-founded ODL securities, where he held a number of senior management roles including IT Director. Bill co-founded FXPress Payment Services Limited, which was acquired by Cornerstone in September 2020. Stephen joined Cornerstone in October 2020 having previously worked as a consultant to the Company and, along with Bill Newton, was responsible for designing and building the Company's FXPal platform. Announcement • Jan 27
Cornerstone FS plc (AIM:CSFS) agreed to acquire Capital Currencies Limited for £3 million. Cornerstone FS plc (AIM:CSFS) agreed to acquire Capital Currencies Limited for £3 million on January 26, 2022. Craig Strong, along with the rest of the Capital Currencies team, will remain with the business post the Acquisition. Consideration to be satisfied through a mixture of cash, new ordinary shares and convertible loan notes. Capital Currencies will initially continue to trade under the Capital Currencies brand and the Group will maintain Capital Currencies' office, which is located in Tunbridge Wells, UK. For the year ended January 31, 2021 Capital Currencies Limited recorded the revenue of £0.6 million and net asset of £0.12 million. Announcement • Sep 27
Cornerstone Fs plc Provides Revenue Guidance for the Full Year 2021 Cornerstone FS plc provided revenue guidance for the full year 2021. The increased momentum in trading volumes that was experienced in the first half of the year has continued into the second half and the Group remains confident of delivering revenue growth for full year 2021 compared with 2020. 
